Why salesforce.com Stock Jumped 33% So Far This Year
Shares of salesforce.com (NYSE: CRM) are up more than 30% since the beginning of the year, according to data provided by S&P Global Market Intelligence.
After falling 12% in 2016, Salesforce was on fire right out of the gate. Its stock popped more than 15% in January after Salesforce published its "state of the service" report that was well received by analysts. The gains accelerated on rumors that Alphabet was considering an acquisition of Salesforce, but ultimately that did not materialize.
In February, respected investment bank Piper Jaffray reiterated its buy recommendation and $100 price target for Salesforce, adding fuel to the fire. The cloud leader's ascent continued in March and April after it reported fourth-quarter results in which sales jumped 27% and adjusted earnings per share (EPS) leapt 47%. Further gains followed its fiscal 2018 first-quarter report in May, during which Salesforce raised its revenue and earnings outlook for the year ahead.
Source: Fool.com
Salesforce.com Stock
The stock is one of the favorites of our community with 79 Buy predictions and 1 Sell predictions.
As a result the target price of 275 € shows a slightly positive potential of 13.64% compared to the current price of 242.0 € for Salesforce.com.
